DTN Grain Close: Markets See Panic Selling; China Talks Down Prices

Young corn rows. Photo: Kevin Hudson, Mississippi State University

July soybean oil and new-crop corn and soybeans posted large losses Thursday, succumbing to ongoing concerns about a possible change in biofuel policy and after a high-ranking Chinese official made an effort to talk down grain prices. There is rain in the seven-day forecast for the Eastern Corn Belt, while much of the Western Corn Belt remains mostly dry.

GENERAL COMMENTS:

July corn closed down its 40-cent daily limit and December corn was down its 40-cent limit. July soybeans closed down $1.18 3/4 cents and November soybeans were down 90 1/2 cents. July KC wheat closed down 25 1/2 cents, July Chicago wheat was down 23 3/4 cents and September Minneapolis wheat was down 10 1/4 cents.

The September U.S. Dollar Index is trading up 0.61 at 91.82. The Dow Jones Industrial Average is down 219.49 points at 33,814.18. August gold is down $79.50 at $1,781.90, July silver is down $1.75 at $26.06 and July copper is down $0.2150. July crude oil is down $1.28 at $70.87, July heating oil is down $0.0395, July RBOB gasoline is down $0.0289 and July natural gas is down $0.010.

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